15th Oct 2015 08:49
LONDON (Alliance News) - Anglo Pacific Group PLC on Thursday said it expects coal sales from the Narrabri project to outpace production for the full year.
The company, which owns royalty rights to production from the Narrabri project in Australia, said site operator Whitehaven Coal Ltd has said production from Narrabri was weaker in the quarter to the end of September due to the planned longwall change-out maintenance work carried out.
But while production fell to 1.0 million tonnes from 2.1 million tonnes a year earlier, coal sales from the site hit 1.6 million tonnes due to the sale of existing inventories.
"We are pleased to see Whitehaven achieve coal sales in excess of coal production during the past quarter," said Anglo Pacific Chief Executive Julian Treger. He added that the company expects coal sales in the year to the end of March to outpace Whitehaven's run-of-mine coal production guidance.
Anglo Pacific shares were up 4.2% to 74.50 pence on Thursday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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